GRT 2100 Lecture Notes - Lecture 8: Canada Pension Plan, Registered Retirement Savings Plan, Old Age Security
20 Aug 2016
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Document Summary
Canada has low-income cut offs (not poverty lines): low income thresholds that take into consideration the number of people in the family unit and how large the region is in which you"re living. Takes into consideration the amount of money that a family may invest in the necessities of food, shelter and clothing. If one is spending 20 percentage points more than the average family on the basic necessities, you would have some issues around low income (or put into that category) Low income measure is used for international comparisons; de nes low income as considerably worse off than the average individual. Market basket measure attempts to calculate the amount of income needed by a household to meet its needs. Is de ned in terms of what is needed to approach creditable community norms. Has a more holistic view of what should be included in the basic necessities of life.
